|
Year |
Earnings Momentum |
Stock Performance |
||||||
|
S&P 500 (%) |
Med Tech (%) |
Med Tech/S&P |
S&P |
Med Tech (%) |
Med Tech/S&P |
|||
|
1991 |
(15) |
+14 |
NM |
+26 |
+56 |
2.15 |
||
|
1992 |
+8 |
+12 |
1.48 |
+4 |
(12) |
NM |
||
|
1993 |
+29 |
+12 |
0.42 |
+7 |
(13) |
NM |
||
|
1994 |
+18 |
+18 |
1.00 |
(2) |
+17 |
NM |
||
|
1995 |
+19 |
+17 |
0.93 |
+34 |
+53 |
1.56 |
||
|
1996 |
+8 |
+21 |
2.71 |
+20 |
+20 |
1.00 |
||
|
1997 |
+8 |
+14 |
1.69 |
+31 |
+25 |
0.81 |
||
|
1998 |
+1 |
+14 |
23.33 |
+27 |
+35 |
1.30 |
||
|
1999 |
+17 |
+15 |
0.90 |
+20 |
+3 |
0.15 |
||
|
2000 |
+11 |
+14 |
1.27 |
(10) |
+28 |
NM |
||
|
2001E |
+0 |
+14 |
NM |
— |
— |
— |
||
|
Table IV. Relative earnings-and-profits momentum. For
the past 10 years, the stocks in the Merrill Lynch medtech universe have
either beaten or kept pace with the market in years (shown in bold) when
earnings momentum was better than the S&P 500 (operating earnings).
Source: Merrill Lynch.
|
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